Bapepam Investigates Inco’s Tender Offer
Tuesday, 31 October, 2006 | 17:37 WIB

Tempo Interactive, Jakarta: The Capital Market Supervisory Agency (Bapepam) has been examining the possibility of a tender offer from PT International Nickel Indonesia (Inco). That is regarding the acquisition process of Inco Indonesia’s holding company—Inco Limited (Canada) by Companhia Vale do Rio Doce which was completed last week.

Head of the Real Sector Finance Assessment Bureau at Bapepam Nurhaida said the final report of the acquisition process was just received by Bapepam. “We have just received the report, so it must still be studied first,” he told Tempo in Jakarta yesterday (30/10).

Bapepam can only determine whether Inco’s tender offer to the public is necessary or not after reviewing the document of the acquisition process. Before, Inco Indonesia’s minor shareholders expected a tender offer because Inco Limited acquisition caused changes in terms of controlling the company’s shares.

In the meantime, based on a financial report of September 2006, Inco Indonesia’s net profit doubled to US$124.6 million. This rise was supported by the increase of sales by 40 percent from US$219.39 million to US$307.6 million. Inco will then distribute interim dividends of 2006 amounting to US$0.025 per share in early December.

_________________________ Indonesian Business and Investment News Aggregator